New Banking Facility

RNS Number : 5096P

Autins Group PLC

18 November 2016

 

18 November 2016

Autins Group plc

("Autins" or the "Group")

New Banking Facilities agreed with HSBC PLC

Autins Group plc (AIM: AUTG), a leading UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to announce that it has secured new and enhanced bank facilities with HSBC PLC.

The 3 year facility provides a total of £10.5 million in the form of £4.5 million of asset finance and £6 million invoice discounting and replaces the Group's existing facilities with Santander. The new facilities are being provided at a lower interest rate and with simpler group wide covenants.

The Group intends to provide a trading update for the financial year ended 30 September 2016 in December.

Jim Griffin, Chief Executive Officer, said:

"The new banking facilities will further strengthen our financial position, extend the Group's debt maturities, reduce our finance costs and support our growth strategy.  In addition, they will provide greater control and visibility of the Group's cash and facilities to allow funds to be put to the best use for Autins' strategic aims, and is in line with the commitments made at the time of the Company's IPO in August.

We are delighted to work with HSBC and the terms of the new facilities reflect the bank's confidence in the Group's prospects."

For further information please contact:

Autins Group plc Jim Griffin, CEO James Larner, CFO	Via Newgate
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Philip Davies Will Goode Callum Butterfield	Tel: [phone]
Newgate Communications (Financial PR) Adam Lloyd Helena Bogle	Tel: [phone]

 

About Autins

Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on  other sectors, including white goods, power generation, marine, apparel, rail, commercial vehicles and industrial sectors.

The Group is one of the leading UK suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers.

 

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